Quick Summary
The Central Board of Direct Taxes (CBDT) has notified the Income-tax (Sixth Amendment) Rules, 2026, introducing a revised Form No. 161 for taxpayers seeking a waiver of penalty under Section 440(2) of the Income-tax Act, 2025. The amendment was notified by the Ministry of Finance on October 8, 2026, through Notification No. 134/2026. The notification amends the Income-tax Rules, 2026, by revising Rule 231 and replacing the existing Form No. 161. The changes take effect from the date of publicat
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FAQ :
The revised Form 161 is used by taxpayers to apply for a waiver of penalty under Section 440(2) of the Income-tax Act, 2025.
The Central Board of Direct Taxes (CBDT) issued the revised Form 161 through Notification No. 134/2026.
The form requires applicants to provide personal details (name, PAN, address, contact info) and information about the relevant assessment or reassessment order, including tax and other amounts payable, and details of payments made.
The additional income-tax is calculated as 100% of the tax payable on under-reported income for certain categories and 120% for another category, as specified in Section 439(11) of the Act.
No, the notification prescribes the revised form and rule amendment for applications seeking a waiver; it does not automatically waive every penalty.
The changes take effect from the date of their publication in the Official Gazette.
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